Unoffical Existing Customer Balance Transfers

heidib

MBNA let you have 4 accounts.... they won't let you transfer from one to the other though.. what they do allow is a cash deposit into your current account... do that and then use the cash to pay off the other card... that's what i've done with them many many times!

NickX

heidib wrote: »

MBNA let you have 4 accounts.... they won't let you transfer from one to the other though.. what they do allow is a cash deposit into your current account... do that and then use the cash to pay off the other card... that's what i've done with them many many times!

Very true, but be careful what you request. I believe MBNA refer to the SBT (Super Balance Transfer) as a "Money Transfer". I would just worry that cash deposit may suggest a cash withdrawal and the extortionate interest rates that they are charged at. Sorry to be picky

THRIFTY

i've had my barclaycard for probably 3 years, unused for the past year. When i phoned to cancel, they offered eight months at 0% on balance transfers, although there was a small fee to pay. They also chucked in free insurance for a year that covers loss of cards, money and mobile phones, plus all personal documents such as passport and drivers licenses for the household. Not a bad deal!:rotfl:just must remember to cancel it before they nick my money next year!

fedupandskint

At long last I have SBT my MBNA CC balance of £3982 to Virgin CC at 0% for 16mths.

Thank goodness for that. I have done it in the way of the money going into a current a/c and then paying off the MBNA CC from there. There were no problems with either MBNA or Virgin doing this.

When to MBNA CC clears £0 I'ill ask them for another BT deal and due to other v.helpful info on here. If they won't do it I'll close down the MBNA CC ask for another a/c at 0% with Virgin as it seem you can have more than one a/c with them or try and get another suitable deal with another provider and see if any are doing a good deal.

So far so good and at last I'm starting to tackle my CC debts in the right way, the cards are currently freezxing in cups in the freezer as I find this stops me using them and removes the temptation!

katebl

Can you do a balance transfer from an overdraft on MBNA then (I assume this is the cash deposit?) and does this qualify for a low rate then? I have a 4.9% for 9 months deal running out next month and was hoping to transfer onto an egg card which has a slightly lower limit and use the cash deposit method to pay off the egg card so I can maximise the amount I can transfer on the special rate. Does anyone know what sort of transfer rates they're offering at the moment? And would the bank deposit be an eligible method? Thanks!

MWH1

NickX wrote: »

Very true, but be careful what you request. I believe MBNA refer to the SBT (Super Balance Transfer) as a "Money Transfer". I would just worry that cash deposit may suggest a cash withdrawal and the extortionate interest rates that they are charged at. Sorry to be picky

Hi Nick. I read your post and hope i haven't misunderstood, as I'm hoping to clear something up. The super balance transfer the likes of MBNA and Virgin offer is regarded in the same way as a normal balance transfer, typically charged at 3% of the balance transferred. These transactions are not the same as withdrawing cash at an ATM, which you correctly stated incur astronomical interest rates (approx 29%). I hope this is of some use.

MWH1

Daydreamer wrote: »

Capital One Raising Interest Rates
Warning for all those balance transferring and doing credit card shuffles!!!

3 weeks ago I transferred £6300 from my Barclaycard which had a silly rate to Capital one at a rate of 5.9% for what the person on the phone told me would be a lifetime of the balance rate. I was charge a fee of approx £180, but this was fine because the interest rate on my Balclaycard was about 24%!!!

All was fine and having done this transfer I was looking forward to speeding up the paying back of this debt. However I then received a letter (without a date on it allthough Capital one claim it was sent the same day as I did the balance transfer!) they claim due to the cost of borrowing money and the current climate in the monetary world the rate of my borrowing would be going up to 9.9%!

They claim I have three options!
1. Except this and carry on using my capital one card, including having it for future balance transfers.
2. Pay off the whole balance and close the account (which I can not afford)
3. Continue paying the card off but at the same rate as I have now, but I can not use the card again and once its paid off I must close the account!!!!

I AM POSTING THIS 1. TO WARN EVERY ONE OF WHAT THEY ARE DOING AND 2. TO ASK CAN THEY DO THIS?????

Does a lifetime balance not mean a lifetime balance. I have never missed a payment and can not understand how they can do this! I think they have done it as they knew that I had just balance transferred. They claim that they sent the letter the same day I did the transfer, but to me thats too much of a coincidence!!!!


ANY ADVICE??????????

Hi Daydreamer. This kind of behaviour from Capital One is manipulative and most of all misleading. What happens now really depends on how far you want to push this. If you agreed to this in a phone call do you have details of date and time and the name of the Capital One rep? I have limited legal knowledge, but they have made an offer to you and based on those terms you have accepted. I do not believe they can then amend the terms of the agreed deal retrospectively.

One option may be to apply for a new credit card asap, depending on your credit history. If you can move the balance from Capital One just make sure you get the balance transfer fee refunded.

Maybe give them a call in an effort to make them honour the rate you agreed. Ultimately, you may want to write to Capital One to express your dissatisfaction :mad: and warn them you will report them to the FOS.

They expect you to roll over and give up, so give them a hard time and let them know you're not going to be a punch bag. :T

King_Weasel

MWH1 wrote: »

Hi Daydreamer. This kind of behaviour from Capital One is manipulative and most of all misleading. What happens now really depends on how far you want to push this. If you agreed to this in a phone call do you have details of date and time and the name of the Capital One rep? I have limited legal knowledge, but they have made an offer to you and based on those terms you have accepted. I do not believe they can then amend the terms of the agreed deal retrospectively.

One option may be to apply for a new credit card asap, depending on your credit history. If you can move the balance from Capital One just make sure you get the balance transfer fee refunded.

Maybe give them a call in an effort to make them honour the rate you agreed. Ultimately, you may want to write to Capital One to express your dissatisfaction :mad: and warn them you will report them to the FOS.

They expect you to roll over and give up, so give them a hard time and let them know you're not going to be a punch bag. :T

What's really changed? Under Option 3 they're stopping you using the card while you've got the deal running. But you shouldn't use it anyway - Martin has people shot for spending on cards with BTs. And the only other thing that''s changed is that once you've cleared the balance they will close the card. OK, that's their prerogative.You should have another card for spending, anyway.

I would carry on Daydreaming - I don't see why you should waste energy arguing over this.

mm66

I called today to cancel NATWEST mastercard on which I finished a 0% offer last month. Was put thru to customer loyalty team who offered me 0% for 9 months with no BT fee. I accepted the offer and said thank you!!

The_Golden_Goose

Hello All,

My OH has an o/s balance of nearly £6k on an Egg card and has just been notified that the APR is going up from 19.9% to 26.9%.

In the letter it says he can cancel the card and freeze the APR at the original rater and still pay off in monthly installments. This card is no longer used for spending or anything.

I have just helped him to complete a BT application for Tesco 0% and he has been refused based on his "Personal data".

Does this mean that he has a bad credit rating?

He also has:

Barclaycard £2,800 at 0% til July 09
RBS £1,900 at 0% til July 09
Egg £5,900 @ 19.9% APR
Abbey £10,000 @ 17% APR
First Direct £4,000 @ 16% APR

Fat total of £24,600 approx as all the balances above are approximate

Is it worth doing an Experian Credit Check? If so what are the negatives about running this kind of check?

Can anyone advise?

Obv he wants to reduce this debt ASAP.

Thank you.